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Baker Hughes launches new vessel-deployed wellhead cutting system called the Terminator

September 30, 2020
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Baker Hughes has announced the successful launch of Terminator, its vessel-deployed subsea wellhead cutting system. Using a first-of-its-kind mechanical wellhead removal method, the Terminator system has already proven its capabilities by successfully cutting a subsea wellhead from an abandoned exploration well owned by Wintershall DEA in Norway. “In the current environment, every aspect of operations is under the spotlight.

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Traders say oil demand recovery still 18 months away

September 30, 2020
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Global oil demand won’t meaningfully recover for at least 18 months, said the heads of the world’s biggest independent trading houses. Speaking at the FT Commodities Global Summit on Tuesday, some of the most influential people in the oil market offered a dim outlook. “It is very hard to be bullish on the oil price now and into Christmas,”

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Shell looks at overhauls, will cut as many as 9,000 jobs

September 30, 2020
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Royal Dutch Shell Plc will cut as many as 9,000 jobs as crude’s crash forces billions of dollars in cost savings and the oil and gas giant overhauls its business to embrace clean energy. The move reflects the challenge facing Big Oil as the virus pandemic persists, with some in the industry believing the era of demand growth

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Borr taps additional liquidity

September 29, 2020
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Borr Drilling Limited is pleased to announce that its bank syndicate and Hayfin have agreed to provide the Company with extra liquidity of approximately USD 12 million through a combination of PIK interest and deferral of funding of restricted cash accounts during the next 12 months. The Company has decided to lower the amount to be raised in

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Petrobras delays Sete decision until November

September 29, 2020
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Petrobras, following up on the release disclosed on June 24, 2020, informs that its Executive Board approved a second alteration to the deadline for certain precedent conditions set forth in the agreement with Seven Brazil to be implemented. Thus, the effectiveness of the agreement and other related contracts will depend on the fulfillment of conditions that must occur

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Egypt’s EGAS has signed $934 million across eight exploration and research agreements

September 29, 2020
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Egypt has signed $934 million across eight exploration and research agreements, following a push to attract new entrants to develop its burgeoning gas market. The agreements were signed by state-owned Egyptian Natural Gas Holding Company (EGAS) last week.  Since its adoption of a framework to develop and monetize natural gas over a half-decade ago, the North African producer has

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Devon buys shale rival WTX Energy Inc for $2.56 billion

September 29, 2020
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U.S. oil and gas producer Devon Energy Corp said on Monday it will buy shale-oil rival WPX Energy Inc for $2.56 billion as it looks to boost its presence in the top U.S. oilfield. The all-stock deal comes as U.S. shale companies have posted big losses on weak crude prices amid the COVID-19 pandemic and have struggled to

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C-Innovation acquires Caltex Oil Tools

September 29, 2020
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C-Innovation, LLC (C-I), an affiliate of Edison Chouest Offshore (ECO) and its family of companies, has acquired the controlling interest in Caltex Oil Tools, a solution-focused company providing equipment rentals, services and customized engineering capabilities to the offshore industry. Headquartered in Houston and led by a core management team with more than 65 years of experience in deep

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Valaris taps $500m DIP Loan

September 28, 2020
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Valaris plc today announced that the Company entered into a $500 million Debtor-in-Possession (“DIP”) term loan agreement with certain of its noteholders. This agreement was executed after receiving final approval to access the DIP term loan facility from the United States Bankruptcy Court for the Southern District of Texas. Including over $180 million of cash on hand

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ExxonMobil closing in on deal with Guyana for the Payara project

September 28, 2020
| Archives

Guyana is close to reaching a deal with Exxon Mobil Corp to approve the company’s Payara project, after the company committed to stricter environmental restrictions on gas flaring and wastewater, a top government official said on Friday. Exxon, along with consortium partners Hess Corp and China’s CNOOC Ltd, expects to eventually produce 220,000 barrels per day of crude

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